Managing Credit

A key factor influencing credit scores is:

• Recent inquiries

• Monthly expenses

• Martial status

• Education level

All of the following are part of a credit report EXCEPT:

• Spending Habits

• Loan Repayment

• Credit Limit Utilization

• Current Credit Inquiries

The main advantage of a secured credit card is:

• Higher spending limits

• Reduced annual fees

• Improving credit score

• Earning cashback rewards

Failing to pay federal student loans may result in:

• Reduced student loan interest

• Higher credit score

• Tax refund garnishments

• Revocation of your degree

What information can you find on a credit report?

• Your medical insurance information

• Your parents' and siblings' contact information

• Your education level

• Inquiries you've made on new lines of credit

Why might older individuals typically have higher credit scores?

• They have had more time to accumulate wealth

• They have shorter credit histories

• They always earn more than younger individuals

• They have longer credit histories

Which of the following is TRUE about finding errors on your credit report?

• You may have to file a dispute with each credit bureau

• You should wait until the end of the month before reporting

• Finding errors is common & is not a big deal

• Overlooked errors may result in you paying a fine

Which of the following does NOT contribute to your credit score?

• Your payment history

• Which banks issued your credit cards

• Your debt-to-credit ratio

• Length of credit history

How often should you check your credit report for errors?

• Only when applying for a major loan

• Once a decade

• At least once a year

• Every month

What can debt collectors do if you don't make payments towards your loans?

• Have you arrested if you owe money

• They can try contacting you at work

• Call you between 8am-9pm to talk to you about your loans

• Reach out to your friends about the debt you owe